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Inheritance Tax Planning For North East Families

HMRC definition:
Inheritance Tax is due when a person’s estate (their property and possessions) is worth more than £325,000 when they die. This is called the ‘Inheritance Tax threshold’.

Current levels – Budget 2020/21

Single person £325,000*
Married couple up to £650,000*

Any amount over these thresholds is liable to 40% Inheritance Tax (Death Duty)

There is no inheritance tax liability between a husband and wife. However, when the surviving spouse dies IHT is payable on any amount over £650,000*.

Professionally written Wills and the use of Trusts can reduce the burden of Inheritance Tax when completed effectively.

Contact us now to find out how you can effectively plan for the future and protect your estate.

*These figure are liable to change by the Government and should always be verified at the time of making a Will or creating a Trust.